A client called the other day with an odd question. She asked, “Can I use my MESP to buy my son a car, so that he can drive to school each day?” I get questions about using the Michigan Education Savings Plan (MESP) almost daily, but that was a new one. Still, I can see her point. You have to get to school somehow, and … Continue reading What College Expenses Can Be Paid From The MESP?
There are a lot of great things to like about the MESP, but maybe the biggest benefit is the investment options. Now, the MESP has limited investment options, like most state 529 plans, but the big advantage of the MESP is the low cost of the investments. In fact, Morningstar rated the MESP as a Silver-Rated Plan, based on the simplicity to use and low … Continue reading Investing in the MESP (Michigan Education Savings Plan)
Michigan recently released the 2018 costs of purchasing the Michigan Education Trust (MET). The MET is a prepaid tuition plan in which you pay for future college credits today. In theory, you are paying for future college credits at today’s lower prices. As I discussed in this article, really you are paying for future college credits, at a high premium to today’s college costs. If … Continue reading The 2018 Michigan Education Trust (MET) Costs Are Out, and the Numbers are Ugly
According to the University of Michigan website, it costs nearly $30,000 per year to attend UofM. Michigan State is not much cheaper with a year costing $25,000. Even scarier, if the trend continues it will cost nearly $270,000 for my 2 year old to graduate as a Michigan Wolverine (hopefully the football team will finally be able to beat State by then). These are staggering … Continue reading MESP vs. MET: What’s the Best Michigan College Savings Plan?